Chartwell Seniors Housing REIT

Chartwell Seniors Housing REIT

May 01, 2012 13:25 ET

Chartwell Seniors Housing Acquires Allegro Retirement Portfolio

MONTREAL, QUEBEC--(Marketwire - May 1, 2012) -

Editors Note: There are two photos associated with this press release.

Earlier today Chartwell Seniors Housing REIT, in partnership with Health Care REIT, Inc. ("HCN"), announced the acquisition of 42 Allegro retirement residences from five Maestro Retirement funds. The homes are located in Ontario, Québec, British Columbia and Alberta with 45% of all homes located in Québec where Chartwell-Québec already has a strong presence. Chartwell is retaining the employees in each residence.

With over 186 homes in Canada, Chartwell has become the largest provider of seniors housing in the country, serving over 26,000 residents. Chartwell offers a complete continuum of housing including independent living, assisted living and long term care. Its headquarters are in Mississauga, Ontario with corporate offices in Montreal, Quebec and Vancouver, British Columbia.

Health Care REIT is the 3rd largest healthcare real estate trust in the United States and this is their first entry into the Canadian market. Chartwell will manage the homes directly.

"We see this as an opportunity to bring our vision of "Making People's Lives Better" to even more residents across Canada and is consistent with our commitment to expand our presence in the Canadian market," said Brent Binions, President and CEO of Chartwell. "We want seniors and their families to know that the care and services they receive in a Chartwell home will make their lives happier, healthier and more meaningful. We strive every day in every home to live up to that commitment."

With over 40 retirement homes across Quebec, the Maestro acquisition reinforces Chartwell's position as a leader in Quebec's seniors housing market. Renowned for its high level of service excellence as well as its qualified staff, Chartwell is a leader in meeting the needs of Quebec seniors. With the well-being of seniors' always in mind, dedicated staff ensure that residents enjoy their life to the fullest.

"We are very happy to welcome the Allegro residents and employees to the Chartwell family," said Denis Lageuex, President, Chartwell-Quebec. "This acquisition is great news for Quebec seniors. The combined expertise of the two companies will bring retirement living to the next level creating an outstanding environment for seniors."

The transaction includes the following homes in Québec:
Les Belvederes de Lachine, Montreal
Domaine des Trembles, Gatineau
Faubourg Giffard, Québec City
Jardins Laviolette, Trois-Rivières
Le Wellesley, Montreal
Manoir & Cours de l'Atrium, Québec City
Manoir Archer, Québec City
Manoir Bois-de-Boulogne, Montreal
Manoir Pointe-aux-Trembles, Montreal
Manoir St-Jérôme, St-Jérôme
Residence des Écores, Laval
Hôtellerie Harmonie, Boucherville
Residence l'Ermitage, Drummondville
Residence Notre-Dame, Victoriaville
Villa Chicoutimi, Chicoutimi
Villa de l'Estrie, Sherbrooke
Villa Jonquière, Jonquiere
Villa Rive-Sud, Longueuil
Villa Saguenay, Chicoutimi

About Chartwell: Chartwell is a real estate investment trust that owns and operates a complete range of seniors housing communities. It is one of the largest participants in the seniors housing business in North America. More information can be found at www.chartwellreit.ca.

Photos attached: Domaine des Trembles, Gatineau et Faubourg Giffard, Québec

To view the photos associated with this press release, please visit the following links:

http://www.marketwire.com/library/20120501-DomainedesTrembles8.jpg.

http://www.marketwire.com/library/20120501-FaubourgGiffard8.jpg.

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